THE FRIENDS OF WELLS CATHEDRAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 REGISTERED CHARITY NUMBER: 208797
THE FRIENDS OF WELLS CATHEDRAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
CONTENTS
| Page | |
|---|---|
| Charity Information | 1 |
| Trustees’ Report | 2-4 |
| Independent Examiner’s Report | 5 |
| Statement ofFinancial Activities | 6 |
| Balance Sheet | 7 |
| Statement ofCash Flows | 8 |
| NotestotheFinancialStatements | 9-18 |
THE FRIENDS OF WELLS CATHEDRAL CHARITY INFORMATION
Patron
The Right Reverend Peter Hancock, Bishop of Bath and Wells
President
The Very Reverend Dr John Davies, Dean of Wells
Vice-Presidents
Lord Carey of Clifton Lady Gass Mrs A Maw Mrs A Currie Dr R Dunning Mr R Duys
Honorary Editors Mr Dougal Mackay and Mr William Newton Newey
Friends' Council (who are Trustees of the Charity)
Mr Michael Hopkins — Chairman Mr Geoffrey Egan — Honorary Treasurer Mr Colin Rees - Membership Secretary Mr Clive Edney — Elected Member The Very Reverend Dr John Davies — Chapter Nominee Mrs Barbara Calverley ~ Elected Member * Ms Maureen Boylan — Elected Member Mr Stan Gibby — Elected Member The Reverend Doris Goddard* The Reverend Canon Rob James — Chapter Nominee
to serve until 2021 / to serve until 2022 / **to serve until 2023
Friends' Secretary
Mr William Newton Newey
Independent Examiner Alexandra Shore FCA DChA, A C Mole & Sons, Stafford House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX
Bankers
National Westminster Bank Plc, 7 High Street, Wells, Somerset BAS 2AD Lloyds Bank, 24-26 High Street, Wells, Somerset, BAS 2SJ
Investment Managers
CCLA, Senator House, 85 Queen Victoria Street, London. EC4V 4ET
Registered Office
West Cloister, Wells, Somerset BAS 2PA
Registered Number 208797
Page
1
THE FRIENDS OF WELLS CATHEDRAL THE REPORT OF THE TRUSTEES The trustees present their annual report and financial statements for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note | to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting mae in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) — Charities SORP (FRS
Objects
The objects of the Friends of Wells Cathedral are to seek to co-operate with the Cathedral Chapter and to further the mission and Christian purpose and to maintain the worship of the cathedral.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning future activities.
Achievements and performance
The charity continued to raise funds and co-operate with the Cathedral Chapter to finance a range of projects in the year.
It is the policy of the charity not to commit the charity to any major new programme or work until sufficient funds are accumulated in the reserves to support the Chapter in their development.
At 31 December 2020 the charity had approved grants of £Nil (2019: £Nil) which had not yet been formally communicated to the recipients.
Financial review and investment policy
The board of trustees are satisfied with the performance of the charity during the year and the position at 31 December 2020 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity’s assets are adequate to fulfil its obligations. At 31 December 2020 the charity had reserves of £401,830 (2019: £345,995).
Despite the ongoing Covid-19 national pandemic, fortunately this has had very little financial impact on the Friends’ finances. Income levels have remained similar to the previous year, and with reduced expenditure, a healthy surplus has been generated. The trustees’ believe the Friends’ are well placed moving forward.
There are no restrictions on the charity’s power to invest.
Reserves policy
Trustees are aware of the need to retain funding for future endeavors and developments. It is the policy of the charity that reserves should provide adequate financial stability and means for the charity to meet its charitable objectives for the foreseeable future. The charity’s long-term objective is to maximise and retain reserves to sufficiently generate a return which can then be used to meet its charitable objects. Unrestricted reserves at 31 December 2020 are £328,207 of which £220,991 are held as fixed asset investments. This leaves £107,216 of free reserves. The trustees feel these reserves are at an appropriate level to meet its day to day objects whilst focusing on increasing the overall reserves.
Page 2
THE FRIENDS OF WELLS CATHEDRAL THE REPORT OF THE TRUSTEES
Structure, governance and management
The charity is governed by a written constitution. Its registered charity number is 208797.
The trustees who have served during the year and since the year ended are set out on page 1.
The Friends’ Council consists of the Chairman, the Honorary Treasurer, the Membership Secretary, a maximum of two individuals from the Chapter to be appointed by the Chapter and a maximum of seven individuals who shall not be members of the Chapter. The maximum number on the Council shall be twelve and each member of the Council shall be a Member of the Friends. The board of trustees meets regularly as a full board.
All questions at any meeting are determined by simple majority votes cast by members present, with each member having one vote. In the event of an equality of votes, the Chair may exercise a second vote as a casting vote.
Members
Any individual or association (whether corporate or unincorporated) shall be entitled to annual membership who shall have paid a first subscription of such minimum sum as shall be fixed from time to time by the Friends’ Council, and whose subscription shall have been accepted and acknowledged by the Friends.
All matters concerning the organisation, business, policies and finance of the Friends shall be dealt with by the Friends’ Council.
Risk management
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Key management remuneration
The trustees are considered to be the key management of the charity. No remuneration is paid to any trustee (2019: £nil).
Page 3
THE FRIENDS OF WELLS CATHEDRAL THE REPORT OF THE TRUSTEES
Statement of trustees’ responsibilities
The charity trustees are responsible for preparing the trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
e observe the methods and principles in the Charities SORP:
-
e make judgements and accounting estimates that are reasonable and prudent:
-
e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from the legislation of other jurisdictions.
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Michael Hopkins Geoffrey Egan
Chairman Treasurer /
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Approved for signature by the Friends’ Council on 8th April 2021
Page 4
THE FRIENDS OF WELLS CATHEDRAL INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE FRIENDS OF WELLS CATHEDRAL
| report to the trustees on my examination of the accounts of The Friends of Wells Cathedral for the year ended 31 December 2020, which are set out on pages 6 to 18.
Responsibilities and basis of report
As the charity trustees of The Friends of Wells Cathedral you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
J report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
| have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
e accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
-
e the accounts do not accord with those records; or
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e the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Alexandra Shore FCA DChA AC Mole & Sons Chartered Accountants Stafford House Blackbrook Park Avenue Taunton TAI 2PX
Date: (Uh Kev 202)
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5
THE FRIENDS OF WELLS CATHEDRAL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
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|||||||||
|---|---|---|---|---|---|---|---|
|Notes|Unrestricted|Designated|Restricted|2020|2019|
|INCOME|£|£|£|£|£|
|Donations|and legacies|2|71,517|-|~|71,517|73,427|
|Other trading activities|3|143|-|-|143|4,695|
|Investment|income|4|317|-|-|317|1,021|
|Other income|5|196|-|-|196|54°|
|TOTAL INCOME|72,173|-|-|72,173|79,197|
|EXPENDITURE|
|Costs|of raising funds|6,252|935|-|7,187|24,220|
|Charitable|activities|11,690|30,000|-|41,690|144,994|
|TOTAL EXPENDITURE|6|17,942|30,935|-|48,877|169,214|
|NET|GAINS|ON INVESTMENTS|32,539|-|-|32,530|58,406|
|NET INCOME/(EXPENDITURE)|86,770|=|(30,935)|-|55,835|=|(31,611)|
|Transfers|between|funds.|(82,394)|82,394|-|-|-|
|NET MOVEMENT|IN FUNDS|4376|51.459.|-|55,835|(31,611).|
|19.070—3,094|
|TOTAL FUNDS BROUGHT FORWARD||323.831|345,995 __377.606_|
|TOTAL FUNDS|CARRIED FORWARD|15|328,207|70,529|3,094|401,830|345,995|
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The notes on pages $ to 18 form part of the financial statements.
Page 6
THE FRIENDS OF WELLS CATHEDRAL BALANCE SHEET AS AT 31 DECEMBER 2020
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2020|2019|
|Note|£|£|£|£|
|FIXED|ASSETS|
|Tangible|assets|Il|-|-|
|Investments|12|351,520|318,981|
|CURRENT|ASSETS|
|Debtors|13|3,400|4,200|
|Cash|at bank|and|in|hand|109,370|§5,208|
|112.770|59,408|
|CURRENT|LIABILITIES|
|Creditors:|Amounts|falling|due|within|one|year|14.|62,460|32,394|
|NET CURRENT ASSETS|50,310|27,014|
|TOTAL NET ASSETS|401,830|345,995|
|THE|FUNDS|OF|THE|CHARITY|
|Unrestricted|revenue|funds|328,207|323.831|
|Designated|funds|70,529|19,070|
|Unrestricted|funds|398.736|342,901|
|Restricted|revenue funds|3.094|3,094|
|TOTAL CHARITY|FUNDS|15|401,830|345,995|
|Mr Michael|Hopkins|.|Mr Geoffrey|Egan|
|Chairman|po|Treasurer|
|Approved|forsignature by|theFriends' Council on 8thApril|2021|a|
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The notes on pages 9 to 18 form part of the financial statements.
Page 7
THE FRIENDS OF WELLS CATHEDRAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020
| Note | Total 2020 |
Total 2019 |
|
|---|---|---|---|
| £ | £ | ||
| Net cash provided by/(used in) operating activities | 16 | 53,845 | (63,265) |
| Cash flowsfrom investing activities: | |||
| Interest from investments | 317 | 1,021 | |
| Proceeds from disposal ofinvestments | - | 75,000 | |
| Net cash provided by investing activities | 317 | 76,021 | |
| Change in cash and cash equivalents in theyear | 54.162 | 12,756 | |
| Cash and cash equivalents brought forward | 55,208 | 42,452 | |
| Cashandcashequivalentscarriedforward | 17 | 109,370 | 55,208 |
The notes on pages 9 to 18 form part of the financial statements
Page 8
THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting Policies
Basis of preparation and assessment of going concern
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated below. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) — Charities SORP (FRS 102) 2019.
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Life membership subscriptions
As life memberships are not for a predetermined number of years, an exact apportionment of the income over the period of membership is not practicable. Therefore, we have adopted the policy of taking oneeighth of the balance in the fund in an attempt to recognise the subscription income over the period of life membership.
Legacy income
Legacy income is recognised in the financial statements in the period in which it is received or when there is sufficient evidence that the legacy will be received, and the legacy can be measured reliably. The accounting policy applied is that receipt of a legacy is recognised when there has been grant of probate, the executors have confirmed there is sufficient assets in the estates, after settling liabilities, to pay the legacy, and any conditions attached to the legacy are either within the control of the charity or have been met.
Investment income
Bank interest is recognised when receivable.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Charitable expenditure includes grants and support costs
Page 9
THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Grants payable in furtherance of the charity’s objectives
The charity receives grant applications from the Chapter of Wells Cathedral and every application is considered by the board of trustees in relation to pre-agreed parameters. The board may accept or reject the application or accept the application subject to conditions. In accordance with the Statement of Recommended Practice, a liability is recognised for these grants within these financial statements when an application is accepted and communicated with the recipients. At 31 December 2020 the charity had approved grants of ENil (2019: £Nil) which had not yet been formally communicated to the recipients.
Taxation
As a registered charity, the organisation is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the organisation, and is therefore included in the relevant costs in the Statement of Financial Activities.
Funds structure policy
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance working capital.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.
There is no formal policy on the allocation of funds to designated funds.
There is no formal policy of transfer between funds, other than that described under the Life Membership Subscriptions policy above. Any proposed transfer between funds would be considered on the particular circumstances.
Fixed assets
Fixed assets are capitalised if the value exceeds £1,000. Fixed assets are initially recognised at cost. Depreciation is provided on office equipment at the following annual rates in order to write off each asset over its estimated useful life:
Computer 33 1/3% pa on cost
Investments
Investments are stated at market value as at the balance sheet date. Any gain or loss on revaluation is taken to the statement of financial activities.
Cash and cash equivalents
Cash and cash equivalents represents cash in hand and in instant access bank accounts.
Page 10
THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
Financial instruments
The charity only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are recognised at transaction price and subsequently measured at their fair value.
Critical accounting judgements and estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires the trustees to make judgements, estimates and assumptions that affect the application of policies and the amounts recognised in the financial statements. The trustees are of the opinion that there were no critical accounting judgements or key sources of estimation uncertainty in the current or preceding year.
| 2 | Donations and legacies - unrestricted | 2020 | 2019 |
|---|---|---|---|
| £ | £ | ||
| Legacies | 25,974 | 24,962 | |
| Subscriptions | 38,263 | 45,670 | |
| Donations and appeals | 7,280 | 2.795 | |
| 71,517 | 73,427 | ||
| 3 | Other trading activities - unrestricted | 2020 | 2019 |
| £ | £ | ||
| Fund-raisingevents | 143 | 4,695 | |
| 4 | Investmentincome - unrestricted | 2020 | 2019 |
| £ | £ | ||
| Interestreceived | 317 | 1,021 | |
| 5 | Other income - unrestricted | 2020 | 2019 |
| £ | £ | ||
| Miscellaneousincome | 196 | 54 |
Page
11
THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
6 Expenditure
| Expenditure | ||||
|---|---|---|---|---|
| Support | Total | Total | ||
| Costs | Grants | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Costs ofraising funds Charitable activities |
7,187 2,406 |
- 39,284 |
7,187 41.690 |
24,220 144,994 |
| 9,593 «39,284 «48,877 169.214 |
||||
| Expenditure in theyear consisted of£17,942 unrestricted (2019: £31,670), | designated £30,935 (2019: £137,544) | |||
| and restricted £Nil (2019: €Nil). | ||||
| Analysis ofsupport costs | Total | Total | ||
| 2020 | 2019 | |||
| £ | £ | |||
| General office | 4,481 | 13,147 | ||
| Independent Examination Computer/website costs Event costs |
2,406 2,706 - |
2,634 5,546 5,927 |
||
| 9,593 | 26.854 | |||
| Grants | Total | Total | ||
| 2020 | 2019 | |||
| £ | £ | |||
| Unrestricted Flowers Voluntary Choir Mary Mitchell Garden CassocksandRobes Bouncebackappeal P Mitchell Memorial Choristership |
1,500 - - 5,000 2,784 9,284 |
1,500 2,250 464 602 - - 4,816 |
||
| Designated Quinquennial Inspection High Parts—Health& Safetywork North Trancept Boilers Sound System Cathedral Organ Repairs |
- - - - - 30,000 30,000 |
9,843 40 18,627 79,034 30,000 - 137,544 |
7 Grants
Page 1?
THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
7 Grants (continued)
8
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|||||||
|---|---|---|---|---|---|
|Total|Total|
|2020|2019|
|£|£|
|Restricted|Te|es|
|39,284|142,360|
|Net|income/(expenditure)|before|transfers|2020|2019|
|£|£|
|This|is|stated|after charging:|
|Independent|examination|2,406|2,634|
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9 Trustee remuneration and related party transactions
No remuneration was paid to trustees during the year (2019 — £nil).
Expenses of £110 (2019: £134) were paid to Mr G Egan in respect of his role as treasurer and expenses of £40 were paid to Mr C Rees in relation to his role as membership secretary.
Indemnity insurance has been taken out on behalf of the trustees.
No member of the board or other persons related to the charity had any personal interest in any transaction entered into by the charity during the current or previous year.
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10 = Staff Costs
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There are no employees (2019 — nil).
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||||||
|---|---|---|---|---|
|11|Fixed Assets|
|Cost|
|At|I|January and 31|December 2020|
|Depreciation|
|At|||January and|31|December 2020|
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Net Book Value At 1 January and 31 December 2020
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Computers
£
14,579
14,579
-
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Page 13
THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
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||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Listed|
|12|Investments|investments|
|£|
|Market|value|as|at|1|January|2020|318,981|
|Increase|in|market|value|32,539|
|Market|value|as|at|31|December 2020|351,520|
|Fixed|asset|investments|have|been|stated|at current market|value|as|at|31|December|2020.|
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|||||||||
|---|---|---|---|---|---|---|---|
|13|Debtors|2020|2019|
|£|£|
|Gift|aid|tax|recoverable|3.400|4,200|
|3,400|4,200|
|14.|Creditors:|Amounts|falling|due within|one year|2020|2019|
|£|£|
|Accruals|for grants payable|60,000|30,000|
|Other accruals|2,460|2.394|
|62.460|32,394|
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Page 14
THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
15 Statement of funds
| Analysis ofmovements in | funds | |||||
|---|---|---|---|---|---|---|
| Opening Balances |
Income | Expenditure | Investment Gain |
Transfers | Closing Balances |
|
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds | ||||||
| General | 323,831 | 72,173 | (17,942) | 32,539 | (82,394) | 328,207 |
| Designated funds | ||||||
| Life Fund | 12,570 | - | - | - | (1,571) | 10,999 |
| Friends’ Weekend | 3,000 | - | - | - | - | 3,000 |
| Advertising | 1,500 | - | - | - | 2,000 | 3,500 |
| Computer | 2,000 | - | (935) | ~ | (1,065) | - |
| Spiritual Guide Printing | - | ~ | - | - | 3,030 | 3,030 |
| Organ Repair | - | - | (30,000) | - | 30,000 | - |
| Organ Appeal | - | - | - | - | 40,000 | 40,000 |
| Legacy Fund | ~ | - | - | - | 10,000 | 10,000 |
| 19,070 | - | (30,935) | - | 82,394 | 70,529 | |
| Restricted income funds | ||||||
| Friends’ Building | 3,094 | - | - | - | - | 3,094 |
| 3,094 | - | - | - | - | 3,094 | |
| TotalCharityFunds | 345,995 | 72,173 | (48,877) | 32,539 | - | 401,830 |
The transfers from unrestricted funds to designated funds represents monies for specific projects that have been agreed by the trustees.
The transfer from the life fund to the unrestricted fund represents the release of life membership as stated below.
Purpose of funds
Life Fund: To defray life membership income over a period of 8 years.
Friends’ Weekend: An allowance for the expenditure over the Friends’ three-day weekend.
Advertising: Advertising allowance for 2020 and for the Organ appeal.
Computer: An allowance for computer equipment in 2020.
Spiritual Guide Printing: The spiritual guide is a small booklet being produced by the chapter.
Organ Repair: Urgent repairs for organ winding systems.
Organ Appeal: Monies for the Organ Appeal.
Legacy Fund: Monies designated for future investment in CCLA fund.
Friends’ Building: Monies towards the costs of maintaining the Friends’ building.
Page 15
16 Reconciliation of net movement in funds to net cash flow from operating activities
THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31DECEMBER 2020
15 Statement of funds (continued)
Summary of net assetsby fund
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2020|2019|
|Unrestricted|Designated|Restricted|Total|Total|
|£|£|£|£|£|
|Fixed|assets|
|Investments|220,991|130.529|-|351,520|318,981|
|Current|assets|
|Debtors|3,400|-|-|3,400|4.200|
|Bank|106,276|-|3,094|109,370|55,208|
|Liabilities|
|Creditors:|due|within|one|year|(2,460)|(60,000)|-|(62,460)|(32,394)|
|328.207.|70,529|~———«3,094|401,830|345,995|
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|||||||
|---|---|---|---|---|---|
|2020|2019|
|£|£|
|Net movement|in|funds|55,835|(31,611)|
|Adjustments|for:|
|Interest|from|investments|(317)|(1,021)|
|Gains|on|investments|(32,539)|(58,406)|
|Decrease|in|debtors|800|2.119|
|Increase|in|creditors|30,066|25,654|
|Net cash generated|by/(used|in) operating|activities|53,845|(63,265)|
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Page 16
THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
17 Analysis of cash and cash equivalents
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Cash | at bank | 109,370 | $5,208 |
| Total | cashandcashequivalents | 109,370 | 55,208 |
18 Comparative Statement of funds and Summary of net assets for the year to 31 December 2019
| Analysis ofmovements in | funds | |||||
|---|---|---|---|---|---|---|
| Opening Balances |
Income | Expenditure | Investment Gain |
Transfers | Closing Balances |
|
| £ | £ | £ | £ | £ | £ | |
| Unrestricted funds | ||||||
| General | 225,971 | 79,197 | (31,670) | 58,406 | (8,073) | 323.831 |
| Designated funds | ||||||
| LifeFund High Parts Health& Safety |
14.366 | - | - | - | (1,796) | 12,570 |
| Work Choristers Trust Boilers NorthTransept Quinquennial Inspection Book-Calling theChanges Sound system Friends’ Weekend Advertising Computer |
5,517 5,000 80,000 32,500 10,000 1,158 - - - - |
- - - - - - - - - - |
(40) - (79,034) (18,627) (9,843) - (30,000) ~ - - |
- ~ - - - - ~ - - - |
(5,477) (5,000) (966) (13,873) (157) (1,158) 30,000 3,000 1,500 2,000 |
- - - - - - - 3,000 1,500 2.000 |
| Restricted income funds | 148,541 | - | (137,544) | - | 8,073 | 19,070 |
| Friends Building | 3,094 | - | - | - | - | 3.094 |
| TotalCharityFunds | 3,094 - - - - 3,094 377,606 79,197 (169,214) 58,406 - 345,995 a |
Page 17
THE FRIENDS OF WELLS CATHEDRAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31DECEMBER 2020
18 Comparative Statement of funds and Summary of net assets for the year to 31 December 2019 (continued)
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||||||
|---|---|---|---|---|
|Summary|of net assetsby fund|
|2019|
|Unrestricted|Designated|Restricted|Total|
|£|£|£|f|
|Fixed|assets|
|Investments|269,911|49,070|-|318,981|
|Current|assets|
|Debtors|4,200|-|-|4,200|
|Bank|52,114|-|3,094|55.208|
|Liabilities|.|
|Creditors:|due within one year|_|(2,394)30,000)32,394)|
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